SAN DIEGO—No longer a one-trick pony focused on the golf industry, North County has diversified, plus its location is ideal for decision-makers and workers as far north as Temecula, Colliers International SVP Ted Cuthbert tells GlobeSt.com. According to the firm's Q4 San Diego industrial report, which included a special focus on North County, this submarket is the epicenter of industrial/R&D development in the region, with 409,077 square feet under construction.
In addition, the report revealed that the overall San Diego industrial/R&D vacancy rate, at 4.7%, is the lowest year-end rate in two decades; 1.3 million square feet of the new space was completed in 2016, more than the past three years combined; and asking rental rates are at an all-time high for triple-net industrial space at $1.03 per square foot per month—with North County rates rising faster than the entire county.
We spoke with Cuthbert about what's driving industrial/R&D occupancy and construction in this submarket and what the future holds.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
